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CONVERTIBL~ ARM RIUEI~ 23183484 f
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(~TTTBRBST P.ATB UMtTS)
THIS CONVERTIBLE ARM RIDER is made ttus ...15th...,,, ~y o f..... ~ebruar,y ~g..85..
and 'es incorporated into and shall be dcemcd !o an~end anci supplement the Mongage, Deed of Trust, or Dccd to Securc
Debt (the "Sccurity lnscrumcnt") of the same date givrn by the undersigned (the "BoROwer") to securc Borrower's
AdjustaWe Rate Note (t~?a "Note") to HARBOR FE~ERAL 3AVIN~S AldD LOAN AS30CtATION (the "Lende~ of
the same dats and c~ve~ny ths property desc~ibed In the Secu~ity Inshvment and bcated a~
. 2665. SE„ Export . Avenue..Port„ St . Luci e,.. F1 33452
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_ (Property Addrass)
Ths Nots containa pravisions sitowin~ for ahan~sa in ths int~r+~st ate. it ths intarost ate
i~c~sases, tM BoROwe~'s monthly paym~nts wili be hi9l~ H th~ inMnsst ats ~ssss,
the ~orr~o~wsrs monthly payments wili be lower. On the tirst Chan~e Qats, Bomowsr may
convsrt the aajustsble rate loan into a fixed rate, level paymeM, fully amortizi~p loan.
ADDIYtONAL COVENANTS. in addition to the covenant and agretments made in [he Securi[y Is~strument, Borrov?cr and
i,enda further covenant and agrce as follows:
A. INTERESi' EtATE AND ~VIONTHLY PAYMENT CHANGES
T4~e Note provides for an initial interest rate of ....~,0, ~QQ ....................~'70. Section 4 of the Notr provides i'or changes in
. the interat rate and the monthly payments. as follows:
4. INTERFST RAT£ AND MONTHLY PAYME.~`T CH.4:~'GF~S
(A) Change Dsites
The interest rate I will pay may cha l~e on the ~St.......... day of _...Mdl".Ch 19. $4......, and on
that day oC the month evtry ...........................months thereafter_ Each date on ~~•hich ~ny interest rate could change is
called a "Change Date."
B) Tbe Indea
Beginning with the first Change Date, my interest rate will be baszd on an "index." The Index is the weekty average
yield on United States Treasury secu _ities adjustzd to a constant maturity of ........~11~ years, as made avaitable
by the Federai Reserve Board. The most recent Index fiaure available as of 45 days before each Change Date is calied the
"Current lndex."
` If the index is no longer available. the Note Holder ~.~ill choose a new index which is based upon comparabk
information: The Note Holder wiil give me notice of it~ chUice.
(G~ Gicnlation of Changes
' Before tach Change Date. the Note Holder will calculate m new mterest rate by adding TWO_. d11d
` 5~ 100
~ ~ . percentage points ~~..~...........°Io) to the Curreni Index. The sum will be my ~
r.
new interest rate. ~ i
~ The Note Nolder will then detern~ine the amount nf the monthly payment that would be sufficient to repay in full i
~ the principal [ am expected to owe on the Change Date in substantially equal payments by the maturity date at my new
~ interest rate. The res~;lt of this calculation will be the new amount of my monthly payment.
~ (D) Lmhs 0a Interest Kate Chanses r
~
~ The rste of interest I am required to pay shall never be increased or decreassd on aay single Change Date by more
~ than.~~i4....per~.,enta~e points(....2.....%) fro~ the rate of interest I havs bsen paying for the preading.....12.---..montha.
My intereat rate also shall never increase or decrease mon than..~.i.ue.percentage points(...~.......9f,} frc,m the interest
` rate established in Paragtapt? A. of this iaswment
EeBedtve Date o[ C~ar~cs
€ My new interest rate wiil become effective on each Change Date. l vvil! pay the amount of my new monthly payment
begir~ning on th~ first monthly payment date afte~ the Chanee Date until the amount ot my month.y paym~nt chang~.s
~ again.
l~ Nodce o[ Changa
The Note Holder wilf maii or deliver to me a notice before each Change Date. The notice will advise me o~:
(i) tne new intere:t rate on my loan as of the Change ~ate;
~ (ii) th~ amount of my monthly aayment following the Change Date;
~ (iii) any add~tional matters which the Note Holder is required to disclose; and
(i~~) the title and telephone number of a person who will answ•er any question I may have regarding the notice.
~ CONVERTIBLE ARM LOAN -~TREASURV lNDEX)-6/83)
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